Broadcom (NASDAQ:AVGO) Price Target Increased to $658.00 by Analysts at Truist Financial

Broadcom (NASDAQ:AVGOGet Rating) had its target price upped by investment analysts at Truist Financial to $658.00 in a research report issued to clients and investors on Friday, Stock Target Advisor reports. Truist Financial’s target price would indicate a potential upside of 13.34% from the stock’s current price.

Several other equities analysts have also commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $700.00 to $715.00 and gave the company an “overweight” rating in a report on Friday, March 4th. Zacks Investment Research lowered shares of Broadcom from a “buy” rating to a “hold” rating and set a $599.00 target price on the stock. in a report on Tuesday, March 8th. The Goldman Sachs Group decreased their price target on shares of Broadcom from $704.00 to $665.00 and set a “buy” rating on the stock in a report on Friday, March 4th. Morgan Stanley decreased their price target on shares of Broadcom from $723.00 to $703.00 and set an “overweight” rating on the stock in a report on Friday, March 4th. Finally, StockNews.com raised shares of Broadcom from a “buy” rating to a “strong-buy” rating in a report on Friday, May 13th. Five investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $675.92.

Broadcom stock traded up $29.90 during midday trading on Friday, hitting $580.56. The company’s stock had a trading volume of 142,837 shares, compared to its average volume of 2,574,112. Broadcom has a 1-year low of $455.71 and a 1-year high of $677.76. The company has a debt-to-equity ratio of 1.71, a current ratio of 2.44 and a quick ratio of 2.20. The company has a 50-day moving average price of $587.30 and a two-hundred day moving average price of $591.02. The company has a market cap of $237.03 billion, a price-to-earnings ratio of 33.10, a PEG ratio of 1.09 and a beta of 1.04.

Broadcom (NASDAQ:AVGOGet Rating) last issued its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $9.07 earnings per share for the quarter, topping the consensus estimate of $7.88 by $1.19. Broadcom had a net margin of 27.47% and a return on equity of 50.20%. The business had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $7.91 billion. During the same quarter in the previous year, the company earned $5.89 EPS. The business’s revenue was up 22.6% on a year-over-year basis. Sell-side analysts forecast that Broadcom will post 32.08 EPS for the current year.

In other news, COO Charlie B. Kawwas sold 2,520 shares of the company’s stock in a transaction on Thursday, March 24th. The shares were sold at an average price of $619.89, for a total value of $1,562,122.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diane M. Bryant sold 476 shares of the company’s stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $629.55, for a total transaction of $299,665.80. Following the completion of the sale, the director now owns 1,560 shares of the company’s stock, valued at approximately $982,098. The disclosure for this sale can be found here. Insiders have sold a total of 31,273 shares of company stock valued at $18,818,718 in the last 90 days. 2.30% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Neuberger Berman Group LLC grew its position in Broadcom by 9.5% during the third quarter. Neuberger Berman Group LLC now owns 60,272 shares of the semiconductor manufacturer’s stock valued at $27,070,000 after buying an additional 5,226 shares during the period. Holderness Investments Co. grew its position in Broadcom by 8.8% during the third quarter. Holderness Investments Co. now owns 2,730 shares of the semiconductor manufacturer’s stock valued at $1,324,000 after buying an additional 220 shares during the period. Cetera Investment Advisers grew its position in Broadcom by 5.1% during the third quarter. Cetera Investment Advisers now owns 14,136 shares of the semiconductor manufacturer’s stock valued at $6,855,000 after buying an additional 685 shares during the period. Ignite Planners LLC purchased a new stake in Broadcom during the fourth quarter valued at about $278,000. Finally, Capital Investment Advisors LLC lifted its holdings in Broadcom by 15.7% during the fourth quarter. Capital Investment Advisors LLC now owns 5,006 shares of the semiconductor manufacturer’s stock valued at $3,331,000 after purchasing an additional 678 shares during the last quarter. Institutional investors own 81.53% of the company’s stock.

About Broadcom (Get Rating)

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.

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